U.S. Crude Oil Stocks Jump On Higher Imports Last Week - EIA

4/4/2012 10:38 AM ET

Crude oil inventories in the U.S. moved up during the week ended March 30, official data showed Wednesday.

The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories increased by 9.00 million barrels to 362.40 million barrels last week, and are above the upper limit of the average range for this time of year.

The week before, crude oil inventories increased by 7.10 million barrels to 353.40 million barrels.

Meanwhile, total motor gasoline inventories moved down by 1.50 million barrels last week, after decreasing 3.50 million barrels in the prior week, but are in the upper limit of the average range.

Analysts were expecting crude oil inventories to gain 2.20 million barrels and gasoline stocks to ease by 1.40 million barrels last week.

Late Tuesday, data from the API revealed that U.S. crude oil inventories jumped 7.80 million barrels, while gasoline stocks dipped 4.50 million barrels in the week ended March 30.

Oil refinery inputs averaged just under 14.80 million barrels per day during the week, which were 299,000 barrels per day above the previous week's average as refineries operated at 85.70 percent of their operable capacity.

Meantime, U.S. crude oil imports during the week averaged nearly 9.80 million barrels per day last week, up by 505,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 9.00 million barrels per day, which were 59,000 barrels per day above the same four-week period last year.

Light Sweet Crude Oil (WTI) futures for May delivery are losing $1.27 to $102.74 a barrel.